Freeport Reports Fourth-Quarter and Year Ended 2024 Results

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Algemeen advies 23/01/2025 18:03
• Solid operating performance
? Fourth-quarter 2024 copper and gold sales volumes above October 2024 guidance
? Fourth-quarter 2024 unit net cash costs below October 2024 guidance
• Commenced start-up at the Indonesia Precious Metals Refinery; Smelter start-up expected by mid-year 2025
• Advancing options for long-term organic growth
• Strong financial position
• Favorable market fundamentals and long-term outlook
? Net income attributable to common stock in fourth-quarter 2024 totaled $274 million, $0.19 per share, and adjusted
net income attributable to common stock totaled $450 million, $0.31 per share, after excluding net charges totaling
$176 million, $0.12 per share.
? Consolidated production totaled 1.04 billion pounds of copper, 432 thousand ounces of gold and 22 million
pounds of molybdenum in fourth-quarter 2024, and 4.2 billion pounds of copper, 1.9 million ounces of gold and 80
million pounds of molybdenum for the year 2024.
? Consolidated sales totaled 1.0 billion pounds of copper, 350 thousand ounces of gold and 18 million pounds of
molybdenum in fourth-quarter 2024, and 4.1 billion pounds of copper, 1.84 million ounces of gold and 78 million
pounds of molybdenum for the year 2024.
? Consolidated sales are expected to approximate 4.0 billion pounds of copper, 1.6 million ounces of gold and 88
million pounds of molybdenum for the year 2025, including 850 million pounds of copper, 225 thousand ounces of
gold and 22 million pounds of molybdenum in first-quarter 2025.
? Average realized prices were $4.15 per pound for copper, $2,628 per ounce for gold and $22.23 per pound for
molybdenum in fourth-quarter 2024, and $4.21 per pound for copper, $2,418 per ounce for gold and $21.77 per
pound for molybdenum for the year 2024.
? Average unit net cash costs were $1.66 per pound of copper in fourth-quarter 2024 and $1.56 per pound of
copper for the year 2024. Unit net cash costs are expected to average $1.60 per pound of copper for the year 2025.
? Operating cash flows totaled $1.4 billion in fourth-quarter 2024 and $7.2 billion for the year 2024. Operating cash
flows are expected to approximate $6.2 billion for the year 2025, based on achievement of current sales volume and
cost estimates, and assuming average prices of $4.00 per pound for copper, $2,700 per ounce for gold and $20.00
per pound for molybdenum for the year 2025.
? Capital expenditures in fourth-quarter 2024 totaled $1.2 billion, including $0.6 billion for major mining projects and
$0.2 billion for PT Freeport Indonesia’s (PT-FI) new smelter and precious metals refinery (PMR) (collectively, PT-FI’s
new downstream processing facilities). For the year 2024, capital expenditures were $4.8 billion, including $2.1
billion for major mining projects and $1.17 billion for PT-FI’s new downstream processing facilities. Capital
expenditures are expected to approximate $5.0 billion, including $2.8 billion for major mining projects and $0.6
billion for PT-FI’s new downstream processing facilities (excluding capitalized interest, owner’s costs and
commissioning) for the year 2025.
? During fourth-quarter 2024, FCX repaid $0.7 billion in maturing senior notes.
? At December 31, 2024, consolidated debt totaled $8.9 billion and consolidated cash and cash equivalents
totaled $3.9 billion, $4.7 billion including $0.7 billion of current restricted cash associated with a portion of PT-FI’s
export proceeds required to be temporarily deposited in Indonesia banks. Net debt totaled $1.06 billion, excluding
$3.2 billion of debt for PT-FI’s new downstream processing facilities. Refer to the supplemental schedule, “Net Debt,” on page IX. see & read more on
https://mms.businesswire.com/media/20250122679192/en/2360933/1/FCX_250123_4Q_2024_Earnings_Release.pdf



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